1.Regular payments of $405 every 6 months for the next 12 years. The annuity earns 3.75%/a compounded semi-annually, and the first payment will be in 6 months.

2.Laura works at Pizza-getti. Last month she received an average tip of $8 from her 75 tables. She gets paid $5.25 an hour and worked 150 hours last month. How much was her gross pay for the month

3.Whats the purpose of S&P 500 futures?

If the S&P 500 is at a level of 2500 then the market value of a futures contract is 2,500 x $250 or $625000. So whats the point of buying a contract if as of December 12/18/2019 the total share value of the S&P 500 is $52434.7.

4.Kenny wants to invest $250 every 3 months at 5.2%/a compounded quarterly. He would like to have at last $6500 at the end of his investment. How long will he need to make regular payments?

5.Carnation's Roof Repair has provided the following information concering its budgeted costs:

Wages and Salaries Fixed Cost per month : $21,380 Cost Per Repair Hour : $15.80

Parts and Supploies Fixed Cost per month : 0 Cost Per Repair Hour : $7.50

Equipment Depreciation : Fixed Cost per month $2,740 Cost per Repair Hour : $0.60

Truck Operating Expenses : Fixed Cost Per month : $5,820 Cost per Repair Hour : $1,90

Rent : Fixed Cost Per month : $4,650 Cost Per Repair Hour : $1.90

Admin Expenses : Fixed Cost Per Month : $3,870 Cost Per Repair Hour : $0.70

Wages and salaries should be $21,380 plus $15.80 per repair hour. The company expected to work 2,500 repair hours in June but actually worked 2,400 repair hours. The company expects its sales to be $43.50 per repair hour. What is the activity variance for net operating income?

6.Moronta Inc manufactures a single product and is budgeted to produce 1,100 units in the month of March. For material, the product requires a standard quantity of 8 pounds per unit with a standard price of $17.75 per pound. Because of weaker demand, the company actually produced 1,000 units in the month with the following activity for material :

Beginning Material Inventory : 0 lbs

Actual Material Purchased : 9000 lbs at an actual cost of $112,500

Ending Materials Inventory : 800 lbs

Question : For the month of March , Moronta's Material Quantity Variance was :

7.HomeExpress sells home building supplies to contractors in Vermont. Data regarding the store's operation is as follows:

A) Sales Budget

March : $380,000 April : $390,000 May : $400,000

B) Collections are expected to be : 70% in month of sale, 30% in month following

C) The cost of goods sold is 65% of sales

D) The company desires to have ending merchandise inventory equal to 80% of the following month's cost of goods sold. Payment for merchandise is made in month following purchase.

E) Other monthly expenses to be paid in cash are : $22,000

F) Monthly Depreciation is : $20,000

G) Ignore taxes

H) HomeExpress is planning to declare dividends on 3/25 in the amount (to be payable on 4/15) : $10,000

Budgeted Balance Sheet as of February 28th

Assets

Cash : $13,000

Accounts Receivable : $78,000

Inventory : $197,600

Property, Plant, and Equipment : $1,494,000

Accumulated Depreciation : $502,000

Total Assets : $1,280,600

Liabilities and Stockholders Equity :

Accounts Payable : $231,400

Common Stock : $780,000

Retained Earnings : $269,200

Total Liabilities : $1,280,600

Question 1) The Accounts Receivable Balance as of March would be ?

8.Luis Corporation uses a standard cost system in which it applies manufacturing overhead to products on basis of machine hours (MH's). The company's standard requires 4 Machine Hours for each unit produced. Luis budgets to produce 1,100 units per month with a budgeted variable manufacturing overhead of $88,000 per month. During the last month, the company produced 1,000 units of product and incurred a total of $85,125 in Variable Manufacturing Overhead.

Question : If the Variable Manufacturing Overhead Efficiency Variance was $800 Favorable, what was the variable manufacturing overhead rate variance?

9.For the prior month, Ardono Company reported the following :

Production: Planned : 12,000 units Actual : 11,500 units

Direct Labor Rate : Standard : $15.50 per direct labor hour Actual : $15.45 per direct labor hour

Standard Direct Labor Hours per unit : 6

Labor Efficiency Variance : $2,170 Favorable

Given this information, the Labor Rate Variance would have been :

10.White Corporation is a wholesaler that sells a single product. Management has provided the following cost data for two levels of monthly sales volume:

Sales Units : 6,000

Cost of Goods Sold : $457,800

Selling And Adminstrative Expenses : $621,000

Selling Price Per Unit : $180

Sales Units : 7,000

Cost of Goods Sold : $510,800

Selling And Adminstrative Expenses : $639,000

Selling Price Per Unit : $180

Question : The best estimate of net operating income if 6,300 units are sold is?